Narrative
Full Description
Project narrative
On April 30, 2021, financial close was reached on a deal in which a syndicate of 15 banks — including the Bank of China (BOC) — entered into a $2.000 billion USD syndicated revolving credit facility (RCF) agreement with IIF Int'l Holding LP — a Cayman Islands-incorporated special purpose vehicle (SPV) wholly owned by JPMorgan Infrastructure Investments Fund (JPM IIF), an open-ended open-ended private commingled infrastructure fund managed by J.P. Morgan Asset Management, Inc. (JPMAM) — for refinancing and general corporate purposes. This RCF carried a maturity period of five years and a final maturity date of April 29, 2026. The proceeds were to be used by the borrower for refinancing purposes and for funding of the fund's investments and to support bids related to portfolio investments. BOC contributed $175.00 million USD to the RCF. Record ID#106066 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: Bank of America Corporation ($125.00 million USD), Barclays Bank Plc ($100.00 million USD), Canadian Imperial Bank of Commerce (CIBC) ($200.00 million USD), Commonwealth Bank of Australia (CBA) ($225.00 million USD), Crédit Agricole Group ($100.00 million USD), ING Bank N.V. ($100.00 million USD), KeyBanc Capital Market Inc. (KBCM) ($125.00 million USD), Lloyds Bank ($100.00 million USD), Mizuho Bank, Ltd. ($100.00 million USD), National Australia Bank Limited (NAB) ($225.00 million USD), Natixis ($100.00 million USD), Banco Santander, S.A. ($125.00 million USD), Société Générale S.A. (SocGen) ($100.00 million USD), and Sumitomo Mitsui Banking Corporation (SMBC) ($100.00 million USD). On February 23, 2022, financial close was reached on a deal in which a syndicate of 10 banks — including BOC — entered into a $500.00 million USD up-sizing agreement with IIF Int'l Holding for the $2 billion USD RCF, raising its face value to $2.5 billion USD. This up-sizing carried a maturity period of three years. The proceeds of the up-sizing were to be used by the borrower in connection to its 4.4 GW Novatus portfolio. An American independent power producer and renewable energy platform ,Novatus Energy merged with Southwest Generation in January 2021 to create Onward Energy, which owned 43 wind, solar, and natural gas generating projects across 16 U.S. states with a capacity of over 4 GW. BOC contributed $100.00 million USD to the up-sizing. Record ID#106067 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the up-sizing: Bank of America ($75.00 million USD), CIBC ($50.00 million USD), CBA ($75.00 million USD), KBCM ($35.00 million USD), Mizuho ($25.00 million USD), NAB ($50.00 million USD, Natixis ($15.00 million USD), Banco Santander ($50.00 million USD), and SocGen ($25.00 million USD).
Staff comments
1. There are a number of entities called "IIF Int'l Holding" incorporated in various jurisdictions. AidData has assumed the one incorporated in the Cayman Islands was the borrower, as this is very common. Still, this issue requires further investigation.